There is a cash & carry EOC problem problem #2 page 205 of Derivatives. Why is there is no borrowing to purchase the asset at the spot rate? The very next problem #3 does borrow to fund spot purchase, as do other examples.Am I missing anything here?
Also, on page 187 of Derivatives in Example 2. The equation (100 - 96.09)/400 * 91/90. Where does 400 come from? It is not on the table for Eurodollar futures prices.